As of December 31,
 2016, United’s aircraft capital lease minimum payments relate
 to leases of 38 mainline and 29 regional aircraft as well as to
 leases of nonaircraft assets. Imputed interest rate ranges are 3.5%
 to 20.8%.
Aircraft operating leases
 have initial terms of five to 26 years, with expiration dates
 ranging from 2017 through 2028. Under the terms of most leases,
 United has the right to purchase the aircraft at the end of the
 lease term, in some cases at fair market value, and in others, at
 fair market value or a percentage of cost. United has facility
 operating leases that extend to 2041.
During 2015, the Company
 reached an agreement with AerCap Holdings N.V., a major aircraft
 leasing company, to lease used Airbus S.A.S (“Airbus”)
 A319s. Five such aircraft are expected to be delivered in 2017. In
 addition, up to 14 more aircraft may be delivered over the next
 four years subject to certain conditions.
United is the lessee of
 real property under long-term operating leases at a number of
 airports where we are also the guarantor of approximately
 $1.4 billion of underlying debt and interest thereon as of
 December 31, 2016. These leases are typically with
 municipalities or other governmental entities, which are excluded
 from the consolidation requirements concerning a variable interest
 entity (“VIE”). To the extent United’s
 leases and related guarantees are with a separate legal entity
 other than a governmental entity, United is not the primary
 beneficiary because the lease terms are consistent with market
 terms at the inception of the lease and the lease does not include
 a residual value guarantee, fixed-price purchase option, or similar
 feature.
In 2016, United signed a